A variety of development projects stick with it minus the need for a contract surety bond. However, for most government compensated projects, surety is required for businesses to even have a preliminary bid. Federal projects for instance, require companies to possess these instruments on projects that exceed $100,000 in amount for development, modification, or repair of any structure or public work whatever the United States Government. This in addition saves effort and time no matter the entity collaborating with a construction company as the licensed contractor has recently undergone a rigorous prequalification process and is judged equipped of fulfilling the obligations belonging to surety contract. In today's highly competitive construction market, employing a surety bond can set a company beyond its competition and help them get useful work.
- profile viewed 20 times